India sources over half of its crude oil from Russia, while European industry refines Russian crude in third countries.
2 reports, 2 independent
Updated Aug 10
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What happened
India sources over half of its crude oil from Russia, while European industry refines Russian crude in third countries.
Who's involved
What this event is mainly aboutHow it developed
Newest first. Tap a step to see who reported it.- Turkey, India, and Europe are involved in complex energy transactions related to Russia's imports and supply chain.Sub-event
Brunei and Georgia refineries start using Russian crude; Russia supplies Belgium's LNG.1 source
India's crude oil sourcing from Russia exceeds 50%, linking to European refining.1 source
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The entities involved
Related events
- India increased dependence on Russian oil imports, with Russia's share rising to 38% of Indian imports.
- The global energy market is under strain as India increases reliance on Russian crude amid Western sanctions, while the UAE and Europe are involved in related developments.
- The ongoing war is straining Russia's economy and targeting European governments, while China is supplying dual-use goods to Russia's war machine.
- Secondary sanctions are being implemented targeting the Russian oil trade, coinciding with the readiness to supply oil to meet India's energy demands under Western coalition tariffs.
- Potential punitive tariffs are being considered on crude imports involving India.